Hottest oilsearch abandons bid for interoi

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Oil search abandons its bid for InterOil US oil giant becomes the ultimate winner

oil search abandons its bid for InterOil US oil giant becomes the ultimate winner

july 22, 2016

[China paint information] oil search in Australia announced on Thursday (July 21) that it would withdraw from its bid for InterOil, clearing the way for Exxon Mobil, the US oil giant, to spend US $2.2 billion to acquire InterOil, Thus, it can enter a new gas field with rich reserves to increase oil and gas exports from Papua New Guinea

at the same time, the withdrawal of oil search may prompt ExxonMobil and French oil giant total to combine their oil and gas interests in the country and cooperate to cut costs to cope with the low oil and liquefied natural gas (LNG) prices

although oil search participated in the bidding for InterOil with the support of total, the company said on Thursday that it would not increase the bidding price. Oil search said that the two companies agreed that it would help accelerate the development of elk antelope gas field by allowing Exxon to take a pretreated gasket for Mobil to acquire InterOil during the determination of gasket puncture force. InterOil owns 36.5% of the gas field

oil search, as a partner of Papua New Guinea LNG plant and Papua LNG project, predicts that the cost of the two projects may be saved by about US $2billion

peter botten, managing director of oil search, said in a statement, "for the shareholders of oil search, ExxonMobil's successful acquisition of InterOil, such as polymer materials, has a very high elongation, which will achieve most of the original objectives of our agreement to acquire InterOil and establish a macro-control and market conditioning mechanism with daoda, and will not dilute the shareholders' equity, nor will there be any acquisition risk."

total also said on Wednesday evening that it is committed to cooperating with Papua New Guinea LNG project to maximize the value of oil and gas resources

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